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Interactive Data posts slight Q2 revenue rise

30 July 2013  |  1291 views  |  0 Source: Interactive Data

Interactive Data Corporation today reported its financial results for the second quarter ended June 30, 2013. Interactive Data's second-quarter 2013 revenue increased 1.7% to $225.1 million from $221.2 million in the second quarter of 2012.

Excluding the impact of changes in foreign exchange rates, Interactive Data's organic (non-GAAP) second-quarter 2013 revenue grew 2.5% from the same quarter last year.

Interactive Data's second-quarter 2013 income from operations was $49.6 million, a 29.5% increase over income from operations of $38.3 million in the same quarter one year ago. Non-GAAP adjusted EBITDA (which excludes items that are either not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) for the second quarter of 2013 increased 3.0% to $88.3 million from $85.7 million in the same quarter one year ago.

"In the face of market conditions that have remained suboptimal, we grew organic revenue, adjusted EBITDA and free cash flow during the second quarter of 2013," stated Mason Slaine, Interactive Data's chairman, president and chief executive officer. "Our organic revenue growth in the second quarter of 2013 reflects continued strength in our Pricing and Reference Data segment. We produced strong adjusted EBITDA margins and free cash flow as we balanced prudent expense management with investments to drive product innovation and reengineer our technical infrastructure. In particular, our investment in key product development programs across our business has enabled us to bring a number of enhanced offerings to the marketplace over the past several months, and we are pleased with the response from customers and prospects thus far."

Segment Reporting and Related Operating Highlights

Pricing and Reference Data Segment:

Interactive Data's Pricing and Reference Data segment reported second-quarter 2013 revenue of $160.1 million, a 3.7% increase over $154.3 million in the second quarter of 2012. Excluding the impact of changes in foreign exchange rates, second-quarter 2013 organic (non-GAAP) revenue for this segment increased by 4.6% from the same quarter last year. The second-quarter 2013 organic revenue performance primarily reflects continued demand for its evaluated pricing and reference data services product areas in the U.S. over the past several quarters. Over the past several months, this segment expanded its relationships with a number of strategic accounts including Vanguard, which is using Interactive Data to provide indicative net asset values for Vanguard's European domiciled exchange traded funds. Other second-quarter 2013 highlights included the addition of Hubert Holmes, an experienced industry executive, as managing director of reference data, and key product platforms such as Vantage and BondEdge receiving awards for product excellence and innovation.

Trading Solutions Segment:

Interactive Data's Trading Solutions segment generated second-quarter 2013 revenue of $65.0 million, compared with $66.9 million in the same quarter last year. Excluding the impact of changes in foreign exchange rates, second-quarter 2013 organic (non-GAAP) revenue for this segment declined by 2.3% due to lower revenue in both of the segment's product areas. Despite challenging market conditions, this segment completed several significant sales during the quarter and achieved a number of product development milestones across the segment. Key product highlights included substantial enhancements to the FutureSource workstation, a new suite of application programming interfaces to support its Consolidated Feed and a new mobile tablet version of Market-Q real-time streaming market data desktop.

Other Second-Quarter 2013 Financial Highlights

Effects of Foreign Exchange:

The net effect of foreign exchange on second-quarter 2013 income from operations was immaterial.

Balance Sheet Highlights:

As of June 30, 2013, Interactive Data had cash, cash equivalents and short-term investments of $289.3 million, compared with $235.9 million last quarter, $266.1 million at the same time last year and $248.2 million at the end of 2012. The Company's total debt outstanding as of June 30, 2013 was approximately $2.0 billion.

First-Half 2013 Results

For the first six months ended June 30, 2013, Interactive Data reported revenue of $448.6 million, an increase of $10.8 million, or 2.5%, from $437.8 million in the same period last year. Excluding the effects of foreign exchange, organic revenue grew by 3.1% during the first half of 2013.

Interactive Data's first-half 2013 income from operations was $93.0 million, compared with income from operations of $67.4 million in the same period one year ago. For the first half of 2013, non-GAAP adjusted EBITDA (which excludes items that are not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) increased 5.7% to $171.4 million from $162.2 million in the same period one year ago.

The full report can be read here

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